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What Is A Mortgage Broker?

A mortgage broker acts as an intermediary between you and mortgage lenders, helping you find the right mortgage product for your needs. Brokers may work independently, be associated with a lender, or actually be employees of lenders. Mortgage brokers are supposed to be knowledgeable about local mortgage rates and terms and be able to guide you through the whole mortgage application process. You do not have to go through a broker to get a mortgage, but a good broker may help you negotiate a much better mortgage rate.

A good place to start looking for mortgage brokers in your local state chapter's Association of Mortgage Brokers. To be a member, a broker must have passed a qualifying examination and be fully licensed. A good broker is typically one who can offer you mortgage options that work best for you, while negotiating with lenders on your behalf for the best deal. Brokers also need to be aware of property prices, particularly in the area you are thinking of buying a home.

If you plan to use a broker, try and find one who is a full-time professional, fully licensed and located locally in your greater metropolitan area. Avoid any broker who isn't willing to review your financial & credit information before providing you a full set of mortgage rate quotes including a breakdown of the closing costs you can expect to incur when buying a new home or refinancing your current mortgage.